The main points in today's Budget are summarised here, take a look and see how it will affect you.
Personal Taxation
- Personal allowance to be raised to £9,205 in April 2013
- Top rate of tax to be reduced from 50% to 45% from April 2013
- 20m people to receive a new tax statement detailing how their tax is spent
Child benefit
- Reduction in benefit to be phased starting at £50k of individual earnings and totally phased out at £60k
Duty
- No extra duty on fuel
- No major changes to VAT
- 37p extra duty on a packet of cigarettes from 6pm tonight
- New duty on gaming machines
Stamp Duty
- Duty increased to 7% on properties worth £2m+
- Properties purchased via a corporation will have new stamp duty rate of 15%
Pensions
- Single tier pension for future pensioners of around £140 pw
- State pension to increase by £5.30 pw from April 2013
Business taxation
- Corporation tax to be cut 22% by 2014 with an immediate cut to 24%
- Simpler tax return method for businesses under £75k turnover
Other
- Extra £100m for military housing
- Sunday trading laws to be relaxed for the Olympics
